Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $77,588
- Funds due
- $89,668
- Interest + MI left
- $192,552
- First ends
- Jun 2052
Assumption
Assumption + second
$2,561/mo
+$314/mo- Down payment
- $38,588
- Funds due
- $51,937
- Interest + MI left
- $266,521
- First ends
- Jun 2052
New loan
New conventional
$3,086/mo
+$839/mo- Down payment
- $38,588
- Funds due
- $48,022
- Interest + MI left
- $525,357
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,412 | $307,412 | $346,412 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,628.55 | $1,628.55 | $2,398.49 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $69.28 |
| Taxes, insurance & HOA | $618.17 | $618.17 | $618.17 |
| Total housing payment | $2,246.71 | $2,560.52 | $3,085.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,588
Closing costs & prepaids$13,349
Usable credit−$0
Total buyer cash needed$51,937
Earnest money paid−$0
Remaining funds due$51,937
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,537.06
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.50
Initial HOA (3 months)$1,080.00
Prepaid interest, first (2 days)$70.07
Prepaid interest, second (2 days)$19.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 7 moOf the original 30-year loan at 4.160%
Interest already paid$59,105Through Nov 2026
Assumption only · ends Jun 2052$192,552
Assumption + second · ends Jun 2052, second Dec 2056$266,521
New conventional · ends Dec 2056$525,357